The Bitcoin (BTC) price has been showing major strength ahead of the Friday options expiry surging past $65,000 levels for the first time since August 1. A total of $5.8 billion BTC options are set to expire today along with the PCE inflation data release for the month of August. Similarly, ETH options with $1.9 billion in notional value will expire today.
intel Markets
BTC, ETH Options Expiry on the Radar
As per the Deribit data, a total of 89,027 Bitcoin options will expire today with a notional value of $5.8 billion, and a put call ratio of $0.64 suggesting bullish sentiment ahead. Also, the max pain point for BTC options currently stands at $59,000.
Courtesy: Deribit
As we know, $65,000 has been historically a major resistance for Bitcoin. Thus, bulls need to defend this level for the Bitcoin price rally to continue. The Bitcoin price is currently trading at $65,365.65 with the highest September gains over the past decade.
On the other hand, the spot Bitcoin ETFs saw major inflows on Thursday, suggesting that the institutional demand for the asset class remains intact. Speaking about the current options expiry, Luuk Strijers, chief executive officer of crypto derivatives exchange Deribit said:
“Of the BTC options expiring, about 20% is in the money. This larger expiry is likely to heighten market volatility or activity as traders close or roll over their positions, which could also impact price.”
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With the quarterly delivery bringing shifts in positions and releasing margins, implied volatility (IV) across major contracts remains low. As IV faces continued downward pressure, the next two weeks will offer an ideal time to set up positions
